Crosby makes lifting fittings, blocks and sheaves for oil and gas, construction and mining companies, while Acco manufactures a wide range of material handling equipment.
The private equity firm said that Morgan Stanley, UBS Investment Bank, and KKR Capital Markets will provide financing for the deal, which is expected to close in the final quarter of the year.
Earlier this month it was reported that Warburg Pincus and CCMP Capital also had made offers for Crosby.
Head of KKR’s industrials investing team Pete Stavros said, “Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs.
“We are excited to partner with the many dedicated employees of both companies and look forward to working together to begin a new chapter of growth and global expansion.”
Copyright © 2013 AltAssets